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OK I think i get that part but what I'm having trouble with is how to use limit orders on reverse trades.

TheRumpledOne wrote:

pierre23 wrote:I know this trendline indi is based on the 100pip range most currencies have from the highest high/lowest low, but would it be any effective on a lower timeframe? 5min/15min?

Tro, Would you happen to know of any pip range a currency goes before reversing with statistics to back you up? Or is it really only in the higher time frames you can notice a trend of the range going at least 100pips from the highest high/lowest low before reversing within 24hours?

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Being a runner, I know there are two ways to improve your performance, you can run further or you can faster. For trading, I have found that I would rather run faster, than further. In other words, I don't focus on accumulating pips (increasing my distance), but rather I increase my value per pip (increase my speed)

15 Pips a day
Increase Pip Value by a dollar a day

This forces me to do two things
Wait for very good trade set ups
Cut my losses very short. If they fall by more than the spread, I am gone

Now making 15 bucks or 30 bucks a day isnt that motivating, but after 10 days, it starts to get interesting.

Based on my trading over the past month, taking very safe trades, 15 pips is 30 secons to 120 minutes of work

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The computer can determine where price is in regards to the fib levels... make the computer do the work so we don't have to enter those inputs.

Thanks for sharing.

Yep, I had thought about that... but said, hec... you need to do some "work", LOL. Next version will provide that.

Plus for those that want to "risk" it. The next version, probably the final, will contain logic to make entries. All from 2nd candle break out, considerations of Range/pips. 3 candle reversals. Everything I have learned from you guys.
The only thing I will recommend is that the user have the machine go for 2 - 3 pips TPs. The stops will be internal ("mental") to the code, there will be however a catastrophic stop loss (50 pips I think) in place for in case something does happen.

So far I have been able to apply this code to multiple currencies and have been able to increase the PIP catching in alot less time and less staring at the computer than before. I don't require much.. 5 ..10.. 30 pips per trade is just fine.

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Interesting idea there xmess, to be honest I do better when I set my TP just 3-5 pips away as I am a lot less nervous when the price moves a couple of pips away. Once in a while you get in a trade and it just goes one way and those are the ones I tend to let run a while. Look forward to seeing the final version of your indicator.